I study how macroeconomic shocks, environmental change and labour markets shape economic adjustment, resilience and inequality.

Published with Elsevier 5 · Springer Nature 4 · Wiley 2 · Taylor & Francis 2 · SAGE 2

Journal Publications 21

SenGupta, S., & Sachan, A. (Forthcoming). Rainchecks & risk: Climate shocks, policy transitions, and SME credit dynamics. Sustainable Development.

Abstract

Using a panel of 45 countries, 2007–2022, we study how climate risk and the Paris Agreement shape SME bank lending. We combine two-way fixed effects with event-study diagnostics, panel quantile regression, two-step system GMM, local projections with Driscoll-Kraay errors, a structural mediation design, and staggered DiD for Paris ratification. Disasters depress SME credit (approx. -1% on impact in TWFE; -3.6% in 2SGMM), with insignificant placebo leads and persistent post-shock contractions. Effects are negative across the conditional distribution, largest at the median and consistent with a broad supply tightening. The importance of structural conditions shows higher ND-GAIN Vulnerability lowers lending, while Readiness raises it; part of each effect operates through realised disasters (approx. 11% and 24% mediated). It is also found that after a short lag, a decline in SME credit increases where vulnerability is high and attenuated where readiness is strong.

SenGupta, S., & Debnath, M. (Forthcoming). Democratisation and carbon emissions: Evidence from political regime transitions. Economics of Governance.

Abstract

This paper examines whether democratisation has a robust average effect on aggregate territorial carbon emissions. Using a country-year dataset covering 183 countries over 1960–2010, we compare countries that experience democratic transitions or reversals with those that remain non-democratic throughout the period. The empirical strategy combines heterogeneous difference-in-differences with mean-group estimation and constructs common proxies from never-democracies to account for non-parallel emissions trends, global shocks, and country-specific responses. The preferred static specification produces a positive estimate of 0.069 log points, while the corresponding dynamic estimates are much smaller and mostly statistically insignificant. Adding income and trade, which may operate as post-transition channels, reduces the static estimate to 0.007. A cross-validated interactive fixed-effects counterfactual estimator that conditions on income and trade also produces an imprecise average treatment effect, with no statistically significant event-time effect during the first 20 post-transition years. The point estimates differ by pre-treatment state capacity in the direction predicted by the theoretical framework, but the between-group difference is imprecisely estimated. Historical estimates using V-Dem over 1789–2015 are similarly sensitive to specification, while country-specific estimates display substantial heterogeneity. Overall, democratisation has no robust average effect on aggregate emissions across specifications, countries, and time horizons.

SenGupta, S., & Menegaki, A. (2026). Environmental outcomes of artificial intelligence. Journal of Environmental Management, 415, 130557. doi.org/10.1016/j.jenvman.2026.130557

Abstract

This paper studies the macroenvironmental consequences of AI adoption in a balanced annual panel of 30 advanced economies (EU-27, the US, UK and Japan) over 1995–2020. We examine both territorial (production-based) and consumption-based CO2 emissions to account for trade-embedded carbon, and we assess adaptation capacity using the ND-GAIN readiness index. AI is measured using an AI capital stock indicator capturing tangible and intangible AI-related assets. Empirically, we estimate fixed-effects models with Driscoll–Kraay standard errors and strengthen causal interpretation for the emissions outcomes using an IV–2SLS design that instruments domestic AI with geography-filtered patenting shocks from major global innovation hubs. We then use panel local projections to trace the dynamic responses of emissions and climate readiness to unexpected AI-growth shocks. The results show that higher AI stock is associated with lower emissions, and the IV estimates support emissions-reducing effects in medium-run stock specifications. The dynamic evidence is more nuanced: territorial emissions rise after an AI-growth shock, peak around the medium-run horizon, and then ease, while consumption-based emissions decline more persistently. AI shocks are also followed by steady improvements in climate readiness. Together, the findings suggest that AI can support decarbonisation and resilience in advanced economies, but its environmental payoff depends on the deployment path and the energy system that absorbs AI-related demand.

SenGupta, S., & Debnath, M. (2026). Geopolitical risk and the Indian stock market. International Economics and Economic Policy, 23, 84. doi.org/10.1007/s10368-026-00785-w

Abstract

This paper asks how global and country-specific geopolitical risk (GPR) shocks shape the dynamics of Indian equity markets. Using monthly data from July 1990 to February 2025, we estimate local-projection impulse responses for 28 broad and sectoral NSE indices, drawing on Caldara–Iacoviello’s global and disaggregated GPR measures. We find that global GPR shocks depress most broad-market and globally exposed sectoral indices, while selected segments, including Microcap 250, Manufacturing, Tourism, Media, IPO and Capital Markets, exhibit resilience, delayed recovery or positive responses. Auto records a mild long-run gain, while Defence shows only a short-run uplift. Threat-based shocks generate recoveries in several reallocation-sensitive indices, whereas act-based shocks produce broader contractions. Country-level shocks from major economies largely mirror global patterns, China and Saudi shocks weigh on resource sectors, and France- and Ukraine-related shocks support recovery in selected segments. India-specific shocks appear mixed and partly anticipated.

SenGupta, S., & Atal, A. (2026). Women’s empowerment and climate resilience: Global evidence. Humanities and Social Sciences Communications, 13, 665. doi.org/10.1057/s41599-026-07440-4

Abstract

Despite sustained global economic growth, climate change remains a critical challenge. As global energy demand is projected to rise by about 43% between 2020 and 2035, the question of how to reduce climate vulnerability and strengthen climate readiness remains urgent. Thus, the question, of how to mitigate the adverse climate impacts is of paramount importance. This study investigates whether empowering women can reduce climate vulnerability, and enhance nations’ resilience, readiness and adaptability to climate change. Using panel data from 185 countries (1995–2022), we measure climate vulnerability and readiness through the ND-GAIN vulnerability and readiness indices and capture women’s empowerment via three core indicators: women’s labour force participation, the “Women, Business and the Law” index, and the women’s political empowerment index. A series of advanced estimation techniques provide consistent evidence of a positive link between women’s empowerment and climate outcomes. Specifically, a 1% rise in women’s labour force share is associated with up to a 0.11% reduction in climate vulnerability, while enhancing resilience by 0.08–0.35%. Improvement in the “Women, Business and the Law” indicator reduces vulnerability by up to 0.17% and increases readiness by 0.05 to 0.2%. Notably, women’s political empowerment is found to have the strongest effect, decreasing vulnerability by 0.02–0.2% and boosting readiness by up to 41% across specifications. The relationships are statistically significant at 1–10% levels. Local Projections confirm that these impacts persist in both the short and long run. We further develop a theoretical framework (and empirically test it) that systematically links women’s empowerment to climate resilience through well-defined mechanisms and sub-mechanisms, for enhanced understanding of the subject.

SenGupta, S., Sachan, A., & Sharma, G. D. (2026). Renewable energy and the macroeconomic space in India: A Bayesian VAR approach. Renewable Energy, 261, 125298. doi.org/10.1016/j.renene.2026.125298

Abstract

India's rapid rise as a global renewable energy producer is occurring alongside a significant economic transformation. The present study explores the relationship between renewable energy production (REN) and key economic drivers, namely, Gross Domestic Product (GDP), foreign direct investment (FDI), trade openness, patents, oil production, and public-private participation in energy over the period from 1990 to 2021. Using a Bayesian Vector Autoregression (BVAR) framework, we uncover nonlinear and time-varying effects: patents stimulate renewable output but with diminishing returns, FDI consistently suppresses growth in renewables, GDP exhibits an inverted U-shaped relationship, and trade openness follows a U-shaped trajectory. Oil production initially supports but later crowds out renewable generation, while private investment shows delayed positive effects after an initial drag. Variance decomposition highlights a shift from self-driven dynamics in the short run toward macroeconomic and structural determinants in the long run, with GDP, FDI, and R&D increasingly explaining variation in REN over time. The findings posit that renewable energy in India is both a driver and a product of wider economic shifts, calling for policies that synchronise innovation, trade, finance, and energy governance to ensure a resilient low-carbon transition.

Sachan, A., & SenGupta, S. (2026). Climate financing and FDI impacts on renewable energy consumption for sustainable development in BRICS+. Sustainable Development, 34(S1), 802–820. doi.org/10.1002/sd.70214

Abstract

Despite rising climate risks, developing economies struggle to secure adequate climate finance and attract foreign investment needed for clean energy transitions. This study examines how these two funding sources influence renewable energy consumption across ten BRICS+ countries from 2008 to 2020. We employ panel data estimation techniques to confirm the robustness of our findings. In addition, simple impulse response estimates (Local Projections) reveal how shocks to green technology patents and FDI unfold over time. Our findings show that both climate finance, proxied by green patents, and FDI independently raise renewable energy use. Yet, when combined, their interaction is consistently negative, suggesting that simultaneous inflows can overwhelm regulatory and institutional frameworks without targeted capacity building. This adverse effect diminishes in countries with more advanced renewables sectors, highlighting a stage-dependent transition process. These results indicate that scaling up finance and investment must be matched with continuous training, streamlined permitting, and harmonised regulations to fully unlock synergies. For upcoming COP meetings, we recommend that BRICS+ nations adopt dual reporting, tracking both innovation outputs and deployment funding, and establish one-stop coordination units to fast-track project approvals. By providing support to each country's adoption in renewable development, policymakers can transform potential funding constraints into continued progress for achieving low-carbon growth.

SenGupta, S., & Atal, A. (2026). Climate change and India’s inflation, fiscal space and growth. International Review of Applied Economics, 40(1), 107–137. doi.org/10.1080/02692171.2024.2445844

Abstract

Given India is one of the most vulnerable countries to climate change, it is essential to study its macroeconomic aspects in light of the stark and tangible climate crisis. Employing monthly time-series data between 1993 and 2024, we estimate VAR models, followed by adopting a vector error correction model (VECM) to extensively capture the dynamic relationships between climate change and the macroeconomic space (inflation, fiscal health and growth) of India. We develop a novel climate change index based on sea level data, providing a more comprehensive measure of climate impacts. For inflation, the long-run relationship estimates indicate that a unit increase in our climate change indicator is associated with a significant 0.463% increase in inflation. In the context of fiscal performance, we find that climate change leads to a decrease in fiscal deficit in India. However, we find that per unit worsening climate change leads to a significant 0.005 trillion INR increase in fiscal deficit in the long run. Lastly, we find that climate change diminishes GDP in both the short and long run. Our findings are mostly robust to using the temperature variable as the standard climate change indicator.

SenGupta, S. (2026). The unsung ‘sheroes’: Studying the role of women as decision makers in curbing conflicts. Defence and Peace Economics, 37(5), 687–705. doi.org/10.1080/10242694.2025.2606890

Abstract

This study examines how women’s political participation influences both the incidence and duration of armed conflict using a panel of 136 emerging and developing economies from 1960 to 2020. Employing random-effects logistic regressions on twelve binary conflict indicators, I find that a one-unit increase in the V-Dem women’s participation index reduces conflict probability by approximately 4 to 22 percentage points, with the largest effects for internal armed conflict and governmental disputes, and the smallest for territorial-ethnic conflicts. An IV-2SLS framework reinforces the causal relationship. The concave profile of conflict-onset effects highlights that initial gains in female representation deliver the steepest risk reductions, while sustained improvements yield growing extensions of stability. A series of robustness checks confirms the findings.

Goel, R., SenGupta, S., & Das, U. S. (2025). Corporate foreign exchange risk in India: Firm-level evidence and some policy implications. Margin: The Journal of Applied Economic Research, 19(2). doi.org/10.1177/00252921251401022

Abstract

As India’s economy becomes more integrated with global capital markets, the foreign exchange (FX) exposure of non-financial corporations deserves closer scrutiny. This article presents the first firm-level empirical study of foreign-currency borrowing by Indian non-financial corporations, using a matched panel of 38,589 firms from 2009 to 2023. Using local projections, we estimate how changes in balance-sheet fundamentals—leverage, export intensity, profitability, asset returns and the interest coverage ratio—translate into different forms of foreign borrowing. We find that when leverage increases and export intensity rises, firms raise foreign-currency borrowing, whereas weakening profitability is associated with lower foreign borrowing; responses vary by instrument and by firm type. State-owned enterprises (SOEs) and small and medium-sized enterprises (SMEs) appear particularly vulnerable, often increasing FX exposure when fundamentals deteriorate. India ranks mid-table on corporate dollarisation but near the bottom on hedge ratios. A stress test that simulates a 20 per cent rupee depreciation shows that 12 per cent of firms have an interest coverage ratio below one, revealing hidden vulnerabilities. The findings suggest the need for granular FX exposure disclosure, calibrated hedge norms and differentiated prudential oversight. As India pursues its 2,047 growth ambitions, effective FX risk management is a core pillar of macroeconomic and financial stability.

SenGupta, S., & Sachan, A. (2025). Rich enough to go green? A threshold regression analysis on the nonlinear effects of income on renewable energy demand. Energy Nexus, 20, 100598. doi.org/10.1016/j.nexus.2025.100598

Abstract

We revisit whether the income-renewable energy nexus is nonlinear and regime-dependent, and complement the established U-shaped income-renewable energy relationship by determining threshold income values. Using a panel of up to 189 countries over 1990–2021, we estimate a dynamic panel threshold regression that accommodates endogeneity and lagged dependence. We identify statistically significant income thresholds of $13,726 (global), $43,000 (advanced economies, AEs), and $6588 (emerging markets and developing economies, EMDEs). Below the threshold, a 1% rise in income reduces renewable energy consumption by about 0.03% globally and 0.13% in EMDEs; above the threshold, the effect turns positive (about 0.16% globally and 0.01% in EMDEs). Thus, the Renewable Energy Kuznets Curve (RKC) is confirmed. For AEs, the association is positive on both sides and markedly stronger above the threshold. Thresholds and signs remain stable across five stress tests. The cut-offs stay within narrow bands (global $15,693-$17,189; AEs $38,522-$43,521; EMDEs $4989-$6412).

SenGupta, S. (2025). Employer social security benefits and their impacts on job retention: Insights from the Indian labour market. Economic & Political Weekly, 60(37), 14–16. doi.org/10.71279/epw.v60i37.43872 Download

Abstract

The impact of employer social security benefits on job retention by employees in the Indian labour market is investigated, using the propensity score matching technique. By analysing data from the Longitudinal Ageing Study in India 2017–18, the article assesses how these benefits influence job tenure and job-seeking behaviour. The results reveal that receiving employer benefits is associated with an increase in job tenure by approximately 2.6 years and a reduction in job-seeking likelihood by 2.8%.

SenGupta, S. (2025). Beyond financial hardships: Exploring the effects of unemployment and low wages on the psychological well-being in India. Asia and the Global Economy, 5(2), 100118. doi.org/10.1016/j.aglobe.2025.100118

Abstract

This paper examines the effects of unemployment and low wages on mental health in India. The analysis applies cross-sectional data from the Longitudinal Ageing Study in India (LASI), 2017–18. Seven different indicators of psychological distress are used. The relationships are estimated using the ordered polytomous logistic regression technique. Controlling for several individual characteristics, unemployed individuals are found to suffer higher odds of mental distress. Low wages increase the likelihood of higher life dissatisfaction levels. Compared to low-wage and out-of-labour-force individuals, unemployed individuals are at a higher risk of suffering psychological issues, implying that individuals do not voluntarily select unemployment over a low-paid job. The results also suggest that men are more affected by unemployment and low wages than women. These findings are largely similar to studies in Britain and Germany. In addition, the age group of 20–45, followed by 46–55, seems to be the most vulnerable to labour market outcomes.

SenGupta, S., Talukder, J., & Atal, A. (2025). Between Keynesianism and neoclassicism: A comparative analysis of public debt-unemployment nexus across continents. Development and Sustainability in Economics and Finance, 5, 100036. doi.org/10.1016/j.dsef.2024.100036

Abstract

We aim to empirically analyse the relationship between public debt and unemployment, shedding light on the debate of three different schools of thought (Keynesian, neoclassical and neo-Keynesian) and offer a comprehensive understanding of the global debt-unemployment dynamic. We employ IV-2SLS, as well as the dynamic two-step system GMM (SGMM) using a panel of 162 countries divided into four continental groups—Africa, the Americas (North and South collectively), Asia Pacific (Asia and Oceania collectively), and Europe—and three income groups—low, middle- (lower- and upper-middle income countries together) and high-income countries, as per the latest World Bank classifications—covering the period 1996–2019. We find that a 1% increase in central government debt corresponds to a 1.6% rise in global unemployment. Region-specific findings indicate a 4.1% increase in unemployment in Europe and a 0.9% rise in Africa. In contrast, the coefficients for the Americas and Asia Pacific are not statistically significant. Dynamic estimation reveals that public debt is a significant predictor of unemployment in all regions, with Europe experiencing the most pronounced effect. Specifically, a 1% increase in debt levels is projected to increase unemployment by 1.1% in Africa and 1.8% in Europe, while the global projection estimates a 0.7% rise. This study enhances the literature by providing empirical insights into the relationship from a comprehensive global perspective. For income groups analyses, we find no relationship between debt and unemployment for low-income countries while 1% increase in debt leads to 0.9–1.5% increase in unemployment in middle-income countries, and 0.4–2.6% in high-income countries. Through a comparative analysis of different continents, we explore the varying dynamics of this relationship, allowing for a nuanced understanding of regional disparities.

SenGupta, S., & Atal, A. (2024). Income inequality in the face of climate change: An empirical investigation on unequal nations, vulnerable regions and India. SN Business & Economics, 4, 87. doi.org/10.1007/s43546-024-00685-8

Abstract

Climate change is the paramount challenge of our era. While considerable attention has been given to its impact on financial stability and economic productivity, there is limited focus on its effects on income inequality. We introduce a unique criterion for sample selection. We aim to provide an empirical analysis of how climate change impacts income inequality in 43 most climate-vulnerable countries, 39 most unequal countries in terms of income distribution, and India separately (1971–2021). We select the most vulnerable countries to investigate the magnitude of income inequality caused by climate change. Given that climate hazards enhance inequality in countries with prevailing socioeconomic inequalities, we choose unequal countries to investigate whether climate change is a significant determinant of their existing condition. We also analyse the relationship for India because India is one of the most climate-vulnerable and unequal countries. We use three climate change indices—vulnerability to climate change, annual surface temperature change, and frequency of climate-related disasters—to check the effects of particular aspects of climate change. We deploy a standard panel regression analysis followed by a series of robustness checks and an autoregressive distributed lag (ARDL) bounds test approach to analyse the link for India. We find that climate change has adverse impacts in both groups and in India, both in the long and short term. Our findings suggest that policymakers in developing countries may need to equally place importance on developmental and climate change abatement goals as well as expedite their environmental targets.

SenGupta, S. (2024). Human capital impacts of income inequality: An extensive empirical analysis from the African continent. SAGE Open, 14(2). doi.org/10.1177/21582440241251472

Abstract

This paper evaluates the impacts of income inequality on life expectancy in African countries. The empirical analysis has been performed on a panel dataset of 52 African nations covering the period of 1995 to 2018. For estimating the inequality-health relationship, I have used Two-Stage Least Squares (2SLS) technique and a Panel Error Correction Model (PECM). The long-run cointegrating relationship was estimated using a Panel Dynamic Ordinary Least Square (PDOLS) estimator. The outcomes suggest that income inequality has negatively affected life expectancy at birth in the African continent overall. Though income inequality seems to have improved health in the short-run, in the long-run, income inequality had deleterious effects. A series of steps has been followed to check the soundness of the result of the main empirical examination and it is confirmed that the results are robust.

SenGupta, S. (2022). Empirical evidence to the nonmonotonic relationship between public health expenditure and economic growth. Theoretical and Applied Economics, 29(1), 49–62. Link

Abstract

Government spending does not have a monotonic relationship with economic growth. The growth impacts of government spending differ owning to several factors. This paper has examined the relationship empirically. The empirical analysis has been carried out separately for developed and developing economies. The analysis has been performed with panel datasets of 36 developed and 88 developing countries over the period of 2000-2018. Fixed Effects (FE) model and Panel Error Correction Model (PECM) were used for estimation. The long-run cointegrating relationship was estimated using a PDOLS estimator. The FE estimation showed negative impacts of public expenditure on growth in developed economies whereas no causal relationship for the case of less developed economies. In the dynamic estimation analysis, it was found that public health expenditure negatively affected growth in developed economies and positively in the less developed economies, in the long run. In the short-run, no causal relationships could be established for both the cases.

SenGupta, S. (2021). An analysis of the globalisation and income inequality relationship in the developing economies: A static approach. Asian Journal of Social and Economic Sciences, 10(1), 1–10. Link

Abstract

This paper investigates the impacts of globalisation on income inequality in less developed economies. Firstly, the impact is examined using the aggregate globalisation index. Subsequently, the impacts of economic, trade, financial, informational and cultural globalisation has been analysed individually, in order to examine the magnitude of the impacts of each category. A panel dataset of 110 countries over the period of 1980-2016, has been used for the study. For estimation, static approach of fixed effects model with both country and time fixed effects, has been employed. The results suggest that globalisation led to the increase in income inequality in the less developed nations. On examination of individual globalisation indices, it was found that financial and cultural globalisation had the least and most impacts on income inequality, respectively. Meanwhile, no relationship between trade/informational globalisation and income inequality could be established.

SenGupta, S., & Mihalache, R. P. (2021). How do immigration impact unemployment and economic prosperity? An extensive investigation from the OECD nations. Theoretical and Applied Economics, 28(1), 5–22. Link

Abstract

Acknowledging the fact that immigration crisis is one of the most debated and challenging phenomena, especially in most of the OECD countries, this study involves a utilization of the panel econometric techniques like Panel Error Correction Model, FMOLS and DOLS to empirically analyze the direction of the effects of immigration on native unemployment, in both the short and the long run, in aggregate. The analysis has been performed on a sample of 33 OECD countries between 1990 and 2017. The results suggest that immigration reduces unemployment in the short as well as the long-run. The impacts of immigration on unemployment are confirmed with a series of robustness tests using different estimation techniques and combinations of regressors.

SenGupta, S. (2020). An empirical analysis on the impact of non-performing loans on investment and economic growth and the role of political governance. Indian Journal of Economics and Development, 8. Download

Abstract

Objective: To empirically analyze the link between nonperforming loans and investments along with the role of political governance. Methods: The estimation technique used is the fixed effects model including both the country and time fixed effects. The dataset consists a panel of 103 countries with annual data over the period from 2000 to 2017. A unique composite political governance index has been prepared combining the six existing governance indicators via Principal Component Analysis (PCA). Findings: It is found that NPL has significant negative impact whereas, governance has significant positive impact on investments as per expectations. However, it is found that the negative impact of NPL on investment gets stronger in presence of good governance. This is a paradoxical result and further attempts has been made to rationalize the outcome. Applications: The study empirically proves the theory of negative impacts of NPL on investment in the economy. Furthermore, the role of political governance has been scrutinized. No prior works have been carried out on this topic. The paradoxical result in this study has opened up new areas for research. An extensive literature review has been provided along with a detailed discussion on the possible measures to tackle with the problems.

SenGupta, S. (2020). How trade openness influenced economic growth in India: An empirical investigation. Indian Journal of Economics and Development, 8. Download

Abstract

Objectives: To analyze the dynamic impacts of trade openness on economic growth in India. Methodology: This study extensively examines the dynamic impact of trade openness on economic growth in India using ARDL Bounds Test approach. A complex trade openness index is constructed using PCA (Principal Component Analysis) and a time dummy variable is used in an effort to capture the Economic Reform Policy dynamics of 1991 in India. Per capita GDP growth rate has been used as a standard measure of economic growth. Annual time series data has been used for estimation over the period of 1960-2018. Findings: It is found that the trade openness has negative impact on economic growth in India in both the short and long run. The result conforms to several findings on the same topic. Applications: This study incorporates measures to control for the shocks by the new economic policy of 1991. It is also discussed why trade openness might have had a negative impact on the economy of India in spite of it being a desirable phenomenon.

Revise & Resubmit 2

SenGupta, S., & Sachan, A. Governing the climate: Effects of institutional quality on carbon emissions. Economic Change and Restructuring.

SenGupta, S. Firm-level impacts of AI attention on wages and productivity: A global comparative study. Technological Forecasting and Social Change.

Under Review 4

SenGupta, S., Goel, R., & Das, U. S. Risk or reallocation? Geopolitical risks, sanctions, and Indian corporate performance. Bulletin of Economic Research.

SenGupta, S., & Sachan, A. Human Development Progress without Relative Catch-Up: Convergence, Mobility and Uneven Recovery. Social Indicators Research.

Sachan, A., & SenGupta, S. How much does the world economy lose when temperatures rise? Environmental and Resource Economics.

SenGupta, S. Residential Energy Efficiency Wedge, Renter Exposure, and Stabilisation Policy in a Two-Agent New Keynesian Model. Macroeconomic Dynamics.

Blog 1

Goel, R., SenGupta, S., & Das, U. S. (2025). Safeguarding India’s growth: FX risk management for macrofinancial stability. NCAER Blog. Link